Asia-Pacific markets traded mixed Wednesday as investors parsed Japan’s trade data. Japan’s exports in November grew 6.1% year on year, data from the country’s finance ministry released Wednesday showed. The growth sharply beat expectations of an average 4.8% rise estimated by economists polled by Reuters, and was higher than the 3.6% seen in the previous month. Japan’s Nikkei 225 was flat, while the Topix declined 0.25%. South Korea’s Kospi added 0.72%, and the small-cap Kosdaq climbed 0.19%.
The S&P 500 fell for a third session Tuesday as traders digested the delayed release of the November jobs report. The broad market index dropped 0.24% to settle at 6,800.26, while the Nasdaq Composite gained 0.23% to end at 23,111.46. The Dow Jones Industrial Average declined 302.30 points, or 0.62%, to close at 48,114.26. U.S. crude oil also came under significant pressure on Tuesday, falling to its lowest level since early 2021. Earlier Tuesday, November’s jobs report came in better than expected, showing an increase of 64,000 jobs for the month, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones predicted that nonfarm payrolls would grow by 45,000 in the period. However, the BLS reported that October shed 105,000 jobs. The unemployment rate also increased to 4.6%, which was above the Dow Jones forecast for 4.5%, raising concerns about the state of the U.S. economy.
Gold rose above $4,320 per ounce on Wednesday, testing levels near all-time highs last seen in October, as investors continued to see scope for additional easing by the Federal Reserve next year. The US labor market showed further signs of cooling, with the unemployment rate unexpectedly rising to 4.6% in November, the highest since 2021, while wage growth slowed to its weakest pace in more than two years. This has reinforced expectations for up to two interest-rate cuts in 2026, with around 59 basis points of easing priced in for next year. Markets now await November’s CPI data due on Thursday, followed by PCE figures on Friday, for further insight into inflation pressures. Meanwhile, geopolitical risks resurfaced after President Donald Trump ordered a “total and complete” blockade of sanctioned Venezuelan oil tankers, following last week’s seizure and a US military buildup, partly offsetting easing risks tied to progress in Russia–Ukraine peace talks.
WTI crude oil futures rose to around $56 per barrel on Wednesday, recovering slightly from near a five-year low after President Donald Trump ordered a “total and complete” blockade of sanctioned oil tankers linked to Venezuela. The move follows last week’s seizure of blacklisted oil tankers off Venezuela’s coast and a buildup of US military presence in the region. However, gains were limited, as prices remained under pressure after progress toward a Russia–Ukraine peace agreement raised the prospect of easing restrictions on Russian oil flows at a time when markets are bracing for oversupply. Oil prices have struggled this year on ample supply, as OPEC+ steadily restores shut-in capacity and non-OPEC producers ramp up output.
Japan’s exports in November rose at their fastest rate in nine months this year, growing at 6.1% year on year, data from the country’s finance ministry released Wednesday showed. The growth sharply beat expectations of an average 4.8% rise estimated by economists polled by Reuters, and was higher than the 3.6% seen in the previous month. The export numbers were supported by a 23.6% increase in goods shipped to Western Europe, as well as an 8.8% rise in exports to the U.S., its second largest trading partner. This marks the first time that exports to the U.S. from Japan have increased since March. Exports of automobiles fell 4.1% by value, but auto shipments to the U.S. posted a recovery, rising 1.5% year in year in November. Shipments to mainland China fell 2.4%, but exports to Hong Kong jumped 11.4% compared to the same period the previous year. Exports of “foodstuff” to mainland China fell 5.9% by value.
Nonfarm payrolls grew slightly more than expected in November but slumped in October while unemployment hit its highest in four years, the Bureau of Labor Statistics reported Tuesday in numbers delayed by the government shutdown. Job growth totalled a seasonally adjusted 64,000 for the month, better than the Dow Jones estimate of 45,000 and up from a sharp decline in October. The unemployment rate rose to 4.6%, more than expected and its highest level since September 2021. A more encompassing measure that includes discouraged workers and those holding part-time jobs for economic reasons swelled to 8.7%, its peak going back to August 2021. In addition to the November report, the BLS released an abbreviated October count that showed payrolls down 105,000.
China on Tuesday announced lower duties on pork imports and pig by-products from the European Union as it concluded a year-long anti-dumping investigation into European pork imports. The new tariff rates — ranging from 4.9% to 19.8% on dozens of European pork exporters — will start taking effect on Wednesday and last five years, according to the Chinese commerce ministry. Earlier in September, China had imposed temporary anti-dumping tariffs of up to 62.4% in the form of cash deposits on pork imports from the EU. The trade tensions had flared after Brussels slapped tariffs of up to 45% in October last year on electric vehicles imported from China, drawing Beijing to denounce it as protectionist. China launched the anti-dumping probe in June last year as part of a countermeasure to the EU’s punitive measures against its EV sector.
Economists have raised their forecasts for Singapore’s growth in 2025 but see the pace moderating next year, with monetary policy expected to be held steady at a review next month, a survey of forecasters by the Monetary Authority of Singapore showed on Wednesday. Most respondents in the December quarter survey cited geopolitical tensions as a top downside risk for the city-state, while four in 10 economists flagged the potential of the artificial intelligence bubble bursting, a risk that was not highlighted in the September quarter survey. Meanwhile, a sustained AI-led tech cycle upturn and resilient global growth were seen as potential upside risks. The median forecast for growth this year was raised to 4.1% from 2.4% in the previous survey, with growth in 2026 seen moderating to 2.3%.
Silver hits record high on haven demand, improving outlook Spot silver rallied 3.6% to a record high of $66.3135 an ounce, while silver futures jumped 4.5% to $66.430/oz. Markets are positioning for a potential silver supply deficit in 2026, amid increasing demand for the white metal. Silver was designated as a critical metal by the U.S. government earlier this year, increasing its appeal. Traders seeking haven bought heavily into silver this year, given that the white metal offers stability comparable to gold, but at a much lower entry cost. This trade left silver trading up more than 100% so far in 2025. Signs of a cooling U.S. economy were furthered by weaker-than-expected purchasing managers index readings for December, while delayed retail sales data for October also showed growth slowing from the prior month.
The Reserve Bank of Australia is no longer expected to cut interest rates in 2026, Westpac analysts said in a note, stating that while inflation was expected to moderate, it would likely be insufficient in changing the central bank’s hawkish stance. Westpac now expects rates to remain on an extended hold for the whole of 2026, but noted that the central bank could still cut rates in early-to-mid 2027. The shift in expectations comes largely after a resurgence in Australian inflation through the second half of 2026, with core inflation rising back above the RBA’s 2% to 3% annual target. The central bank had kept rates steady last week, with Governor Michele Bullock warning that the RBA was likely to keep rates unchanged in the near-term due to concerns over inflation. Westpac still expects Australian inflation to fall within the RBA’s target range, but later in 2026.
Jared Kushner’s firm Affinity Partners has dropped out of Paramount Skydance’s hostile takeover bid for Warner Bros. Discovery. “With two strong competitors vying to secure the future of this unique American asset, Affinity has decided no longer to pursue the opportunity,” an Affinity spokesperson said in a statement. “The dynamics of the investment have changed significantly since we initially became involved in October,” the spokesperson said. “We continue to believe there is a strong strategic rationale for Paramount’s offer.” Kushner is the son-in-law of President Donald Trump. Affinity’s role in Paramount’s hostile bid came to light on Dec. 8, when Paramount announced an all-cash, $30 per share offer for all of WBC. Trump last week said Netflix’s proposed deal, which requires regulatory approval, “could be a problem” because of how much market share Netflix would end up with.
Shares of Chinese chipmaker MetaX Integrated Circuits soared about 700% in their market debut in Shanghai on Wednesday, after the company raised nearly $600 million in its initial public offering. Shares, which were priced at 104.66 yuan in the IPO, surged to over 835 yuan on debut, marking a 697% jump. Similar to Moore Threads, which saw a robust debut at the start of the month, MetaX develops graphics processing units for artificial intelligence applications, tapping into a fast-growing sector driven by rising adoption of AI services. MetaX is part of a growing cohort of local chipmakers building AI processors, reflecting Beijing’s push to reduce dependence on U.S. chips following Washington’s tech curbs on export of high-end technology to China.
What started off as a particularly rough year for Tesla investors is turning into quite the celebration. Following a 36% plunge in the first quarter, the stock’s worst period since 2022, Tesla shares have rallied all the way back, reaching an all-time closing high of $489.88, jumping 3.1% on Tuesday. They’re now up 21% for the year. The prior intraday high was $488.54, reached almost exactly a year ago, and the previous record close was $479.86. The stock got a spark this week after CEO Elon Musk, the world’s richest person, said Tesla has been testing driverless vehicles in Austin, Texas, with no occupants on board, almost six months after launching a pilot program with safety drivers. Bullish investors view the news as a sign that the company will finally make good on its longtime promise to turn its existing electric vehicles into robotaxis with a software update.
Apple Inc is in early talks with Indian chipmakers to assemble and package components for the iPhone, the Economic Times reported on Wednesday, citing people with knowledge of the matter. The iPhone maker has spoken to CG Semi, which is building an outsourced semiconductor assembly and test facility in the state of Gujarat, the ET report said. Talks were in very early stages. The report is the first instance of Apple considering assembling and packaging chips in India, which is rapidly emerging as a major manufacturing hub for the tech giant. The company currently assembles several iPhone models in India, through partnerships with Foxconn, Pegatron, and Indian conglomerate Tata. Any shifting of chip manufacturing to India would represent a major win for the country’s chip ambitions, which have also been touted by the Narendra Modi government.